Trend and cyclical patterns of household, business, government, and foreign net borrowing shares of GDP are reviewed using diagrams and covariance decompositions of the identity stating that the sum of the shares equals zero. Household and business net borrowing shares and thereby those...

Trend and cyclical patterns of household, business, government, and foreign net borrowing shares of gross domestic product are reviewed using diagrams and covariance decompositions of the identity stating that the sum of the shares equals zero. Household and business net borrowing shares and...